Vornado, Stellar land $675M refi for Independence Plaza

Goldman Sachs is the lender: sources

TRD New York /
Jun.June 12, 2018 06:12 PM

Independence Plaza

UPDATED, June 14, 2:49 p.m.: Vornado Realty Trust and Larry Gluck’s Stellar Management refinanced their Tribeca rental tower Independence Plaza with a $675 million mortgage, Vornado announced Tuesday.

Sources familiar with the deal said Goldman Sachs is the lender. The bank declined to comment.

The seven-year loan has a fixed interest rate of 4.25 percent, according to the press release.

Gluck bought the 1,327-unit tower at 80 North Moore Street in 2003, borrowing $575 million to turn the property into luxury rentals. By early 2011, the debt had fallen out of balance, and Vornado recapitalized the tower. The real estate investment trust now owns 50.1 percent of the building.

Cushman & Wakefield brokered the financing.

Tenants accused Gluck of illegally deregulating units at the building in the past. — Konrad Putzier

Correction: An earlier version of this post incorrectly claimed that tenants recently accused Gluck of illegally deregulating units at the tower. The accusations are a decade old.


Related Articles

arrow_forward_ios
Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)

How a small stretch of land on the Far West Side became an Opportunity Zone

Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

Facebook CEO Mark Zuckerberg and Apple CEO Tim Cook with a rendering of the Farley development (Credit: Getty Images, SOM iStock)

Facebook facing off with Apple over space in Vornado’s Farley Building conversion

220 Central Park South and Michael Cantanucci (Credit: Getty Images and Google Maps)

Car dealer drops $38M for condo at 220 CPS

Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Facebook in talks for massive lease at Vornado’s Farley Building

Vornado president Michael Franco and 512 West 22nd Street (Credit: VNO)

WarnerMedia to anchor Vornado’s West Chelsea spec office

From left: 220 Park Avenue South, 15 Central Park West, 520 Park Avenue, 35 Hudson Yards, Sting, Juan Beckmann Vidal, Daniel Och, Bob Diamond, and Stephen Ross (Credit: Getty Images, Wikipedia, StreeEasy, and Google Maps)

Serial buyers trade “old” condos for new on Billionaires’ Row

arrow_forward_ios